buildings insurance

hannah29_2

hi
can anyone recommend buildings insurance please. we have just bought a house in the midlands of which my mother is going to live in permanantly and rent free. she will pay the contents insurance but as the mortgage is in our name we will pay the buildings. we live permanently down in bristol and most insurances appear to want the house we have bought as our main residence.
i am also having trouble with getting quotes online as its a newbuild house which although it has an address and postcode is still not showing up on systems. any advice?

Oscar_The_Grouch

Hi there,

One word; Saga

Get a solicitor to draw up a contract between you and your mum so that she owns 1% of the house. She needs this to have a financial interest in the property and insure it.

After that, you can get quotes from Saga, RIAS, Age Concern and the like in the joint names of you and your mum; they will all give you discounts that increase the older you get, so make sure the policy is in your mum's name with you as joint insured. The important bit is to have you as joint insured, or you will not be able to discuss the policy with them or make a claim.

Even if you give your mum 1% of the property, unless she has loads of cash stashed away somewhere or the odd Renoir, you don't have to worry about inheritance tax!!